Business Briefs
Oil prices continue slide, boosting stocks
NEW YORK — Stocks rose sharply Tuesday as oil prices fell for a second straight day, and investors were encouraged by the possibility of more help for the ailing financial system.
Crude prices tumbled $5.33 to settle at $136.04 a barrel on the New York Mercantile Exchange, bringing oil's two-day drop to more than $9. Other commodities also pulled back.
The Dow Jones industrial average rose 152.25, or 1.36 percent, to 11,384.21. The S&P 500 gained 21.39, or 1.71 percent, to 1,273.70. The Nasdaq composite index rose 51.10, or 2.28 percent, to 2,294.42.
New lending rules coming next week
WASHINGTON — The Federal Reserve will issue new rules next week aimed at protecting future homebuyers from dubious lending practices, its most sweeping response to a housing crisis that has propelled foreclosures to record highs.
Fed Chairman Ben Bernanke spoke of the rules in a speech about challenges as policymakers try to stabilize a shaky financial system. To prevent a repeat of the mortgage mess, Bernanke said, the Fed will adopt rules cracking down on a range of questionable lending practices.
Siemens announces it will cut 16,750 jobs
FRANKFURT, Germany — Industrial conglomerate Siemens AG said Tuesday it will cut 16,750 jobs, or 4.2 percent of its work force, to streamline operations and cut nearly $2 billion in costs in the face of a slowing economy.
The Munich-based company said the cuts would include 12,600 administrative jobs and 4,150 positions involving restructuring. It employs about 400,000 people.
Siemens has several operations in South Carolina, the largest being its automotive-related businesses in the Upstate. Monika Bruecklmeier, a Munich-based spokeswoman, said it was "still too early" to provide details of how the cuts might affect operations here.
Fed official suggests interest rate increase
WASHINGTON — The Federal Reserve should consider raising short-term interest rates to combat "unacceptably high" inflation, Richmond Federal Reserve Bank President Jeffrey Lacker said Tuesday.
Because the risks of a sharp economic slowdown have "diminished substantially," the Fed can focus on other challenges, Lacker said.
Lacker wouldn't comment about when the Fed should raise rates but said "it's easy to make the mistake of waiting too long." A rate increase might be necessary "even if unemployment is rising and growth remains weak," he added.
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